Stock market today: Live updates

Shares of Genuine Parts tumbled 18% and hit a 52-week low after the company cut its full-year earnings outlook. It now expects adjusted earnings of $8 to $8.20 per share, versus its earlier guidance of $9.30 to $9.50 a share. Analysts polled by FactSet were expecting guidance of $9.35 a share.

Genuine Parts also narrowed its anticipated revenue growth for the year to between 1% and 2% year over year, compared to its prior guidance of 1% to 3%.

The company, which distributes automotive and industrial replacement parts, also reported a third-quarter earnings miss. Adjusted EPS was $1.88, less than the $2.42 consensus estimate, per FactSet.

“Our results were below our expectations, primarily driven by continued weakness in market conditions in Europe and our Industrial business,” President and CEO Will Stengel said in a statement.

— Michelle Fox

The manufacturing outlook in the Richmond area brightened slightly in October though was still mired in contraction, according to a Federal Reserve gauge released Tuesday.

The Richmond Fed’s monthly manufacturing survey showed that 14% more companies reported contraction against expansion for the month. That was an improvement from the -21% in September and slightly better than the Dow Jones estimate for -15%.

—Jeff Cox

Gold — known to be a classic “safe haven” asset — has been on a tear this year due to rising geopolitical tensions and broader macroeconomic uncertainties.

• Spot gold prices have soared above $2,700 an ounce and rallied for the fifth day on Monday to hit another record high of over $2,733 an ounce.
• Year-to-date, spot gold is up over 30%.
• The precious metal rose again in early Tuesday trading, adding 0.5% to $2,732.58.

Against this backdrop, CNBC Pro talked to several investing pros about their outlook on gold. Many are bullish, expecting gold to reach $3,000 an ounce by 2025. But there’s still some cautious sentiment behind the rally.

“Declining interest rates will be a nice tailwind for the gold market and increase prices over the next six to 12 months. But you could well see volatility in the short-term … driven partly by speculative investors,” John Reade, senior markets strategist at the World Gold Council trade association, said.

Read more about how the pros are viewing the gold rally here.

— Amala Balakrishner, Pia Singh

These are the stocks moving the most in premarket trading:

• Cheesecake Factory — Shares gained more than 3% after activist investor JCP Investment Management built a stake in the company and asked it to consider spinning off three of its brands into a separate company.
• Sherwin-Williams — The paint manufacturer dipped 6.5% after posting disappointing third-quarter results.
• 3M — Shares of the industrial company rallied 5% after 3M posted third-quarter earnings of $1.98 per share of revenue of $6.07 billion. Analysts had expected earnings per share of $1.90 on $6.06 billion in revenue, according to LSEG.

Read the full list of stocks moving here.

— Lisa Kailai Han

There’s several reasons to give up on Hertz, JPMorgan said.

Analyst Ryan Brinkman downgraded the car rental stock to underweight from neutral. Brinkman also removed his price target, which was formerly $5.

Brinkman said softer travel trends and the potential for a faster churn of vehicles contributed to his decision. On top of that, he noted the Florida-based company’s financial leverage is high.

Additionally, he said the company could face litigation costs tied to its prior bankruptcy. That wasn’t priced into the old valuation analysis, the analyst said.

Meanwhile, Brinkman said shares of Avis Budget, which he has an overweight rating on, are “attractively inexpensive.”

Hertz shares added about 1% in Tuesday’s premarket, regaining some ground after sliding more than 8% in the preceding session. The stock has plummeted more than 71% in 2024 alone, bringing shares below the $3 mark to conclude Monday’s session

General Motors shares were up nearly 3% after the automaker reported third-quarter results that beat analyst expectations and raised its full-year outlook.

The company earned an adjusted $2.96 per share on revenue of $48.76 billion. Analysts polled by LSEG expected a profit of $2.43 per share on revenue of $44.59 billion.

GM also said it sees 2024 EBIT ranging between $14 billion and $15 billion. That’s up from a previous guidance of $13 billion to $15 billion.

“The consumer has held up remarkably well for us,” CFO Paul Jacobson said during a media briefing. “Nothing we see has changed from where we’ve been for the last several quarters.”

— Fred Imbert, Michael Wayland

AppLovin has earned the affection of Loop Capital.

Rob Sanderson, managing director of the investment bank, initiated coverage of the application technology stock at a buy rating. Sanderson’s $181 price target suggests 13.9% upside from Monday’s close, meaning the stock can extend its monster run.

That also appears to be the highest price target for the stock on Wall Street, according to LSEG.

“AppLovin has become indispensable infrastructure for the mobile gaming industry and is proving itself as a big data and AI play for investors,” Sanderson told clients in a Monday note, using an acronym for artificial intelligence. “For a sizable market cap with impressive growth the stock was relatively undiscovered and, in our view, largely misunderstood until breaking out recently.”

Sanderson said the stock has several parallels to The Trade Desk, which is a top pick from Loop for 2024. But he acknowledged that AppLovin already has a larger software business, which is growing quicker and has a higher margin.

After a recent rally, Sanderson said investors should look for opportunities to buy on any price dips. Still, he said the stock’s re-valuation is both “warranted” and “sustainable.”

AppLovin shares advanced about 1% before the bell on Tuesday. The stock has soared close to 300% this year.

— Alex Harring

Jefferies sees less downside ahead than previously expected for Tesla stock.

While analyst Philippe Houchois has a hold rating, he upped his price target on the electric vehicle maker by $30 to $195. Still, that implies the stock will tumble 10.9% over the next year from Monday’s close.

Houchois’ update comes as he expects higher metrics from revenue to free cash flow and earnings before interest and taxes between 2024 and 2026. He said attention is re-centered back on the business after Tesla’s robotaxi event “fell a bit flat.”

“Without much indication of progress on either technology or business models, we are back to focusing on operations and lingering concerns about governance and funding,” Houchois told clients in a Monday note.

Houchois also pointed to a “stabilization” in the autos category helping the company in the third quarter.

“Tesla remains a fascinating business in terms of innovation and drive,” he said. “But, more than ever, [it] looks like an imbalanced VC portfolio solely funded by an auto business under pressure.”

Tesla shares slid nearly 1% in Tuesday premarket trading. The stock has bucked the broader market’s uptrend this year, falling around 12% in 2024.

— Alex Harring

Asia-Pacific markets mostly slipped on Tuesday, trailing a mixed session on Wall Street.

Investors saw a light day in terms of economic data out of Asian countries, but assessed Hyundai Motor India as it made its trading debut after a record IPO in India.

Shares were trading down 4.42% at 1,873 rupees from their initial public offering price of 1,960 rupees, according to BSE data. 

The automaker had offered 142.19 million shares at a price band of 1,865 Indian rupees ($22.18) to 1,960 rupees. The IPO fetched 278.56 billion rupees, or $3.3 billion, with shares priced at the top end of the price band.

— Lim Hui Jie

European stock markets were mixed in early trade, with the benchmark Stoxx 600 index — which fell 0.66% on Monday — down by another 0.1% at 8:35 a.m. in London.

The U.K.’s FTSE 100 and France’s CAC 40 were lower by 0.28% and 0.11%, respectively. Germany’s DAX managed a 0.55% gain.

— Jenni Reid

Here are the companies making the biggest moves during overnight trading Monday:

• Nike — Shares added less than 1% after the sneaker giant and athletics apparel company renewed its uniform partnership with the NBA and WNBA.
• Zions Bancorporation — The regional bank stock rose 4% on stronger-than-expected third-quarter results.
• Nucor — The steel production company declined more than 2% despite posting adjusted earnings and revenue that topped expectations in the third quarter.

Read the full list here.

— Samantha Subin

Stock futures opened little changed Monday evening.

Futures tied to the Dow edged up 8 points, while S&P 500 futures and Nasdaq-100 futures hovered near the flatline

— Samantha Subin